TAJBank is set to issue a N20 billion Mudarabah Sukuk bond to augment its Additional Tier 1 capital as part of a N100 billion programme. The initiative represents a significant opportunity for ethical investment with a 20.5% annual return and aims to enhance financial inclusion. Investors are encouraged to explore this offering.
TAJBank, a pioneering non-interest bank in Nigeria, is preparing to issue a Mudarabah Sukuk bond amounting to N20 billion to strengthen its Additional Tier 1 (AT1) capital. The announcement was made by Mr. Hamid Joda, the bank’s Founder and Chief Executive Officer, during a virtual news conference in Abuja. AT1 capital consists of perpetual capital instruments without a fixed maturity date.
This bond issuance is part of TAJBank’s broader Sukuk programme, which aims to raise N100 billion and facilitate the bank’s expansion efforts. Two years prior, TAJBank successfully launched the first N10 billion Sukuk bond listed on the Nigerian Exchange, showcasing a progressive step in the non-interest banking sector.
Joda highlighted that this new investment opportunity offers a competitive return of 20.5% per annum and is positioned as an ethical investment option. He emphasized that the Mudarabah Sukuk allows investors to engage in profit-sharing while promoting financial inclusion across Nigeria.
The Sukuk is accessible to all investors, including individuals and corporations, and aims to provide a reliable source of income conveniently from home. Joda expressed enthusiasm about the offering, underscoring its adherence to ethical financial principles, and noted its potential to widen the bank’s investor base on the Nigerian Exchange.
For further details regarding the Sukuk and the listing process, interested individuals are encouraged to consult their financial advisors or visit the bank’s official website.
TAJBank’s issuance of a N20 billion Mudarabah Sukuk bond is strategically aimed at enhancing its capital base and promoting ethical investment opportunities. This initiative, part of a larger N100 billion Sukuk programme, underscores the bank’s commitment to financial inclusion and community engagement. With a competitive return of 20.5% per annum, the Sukuk seeks to attract a diverse investor base, fostering growth in the non-interest banking sector in Nigeria.
Original Source: nannews.ng
